MONEY MARKET

The Central Bank of Nigeria (CBN) is set to refund capital deposits and licensing fees (where applicable) to all Bureau de Change promoters whose applications are pending with the apex bank. This is in a bid to effect its recent decision to stop sales of dollars to licenced BCD operators....

  Analysts at Cordros Research Ltd. said discontinuation of sale of foreign exchange to the Bureau De Change (BDC) operators would lead to further pressure on the exchange rate in the parallel market. The analysts said this in a post on the Monetary Policy Committee (MPC) report obtained by the...

The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to commence payment of liquidation dividends to uninsured depositors, creditors and shareholders of additional 14 banks in-liquidation. In a release by the Director, Communication and Public Affairs Department, Bashir Nuhu, the NDIC stated that while stakeholders of eight closed banks are...

Payment System operators have received a new license requirement to operate in Nigeria. The Central Bank of Nigeria (CBN) set new eligibility criteria which includes capital base and stricture. The operators were separated into four categories: Mobile Money Operator (MMO), Payment Terminal Service Provider (PTSP), Payment Solutions Service Provider (PSSP),...

    The year 2020 will remain indelible in the annals of history due to the impact of the COVID-19 pandemic on the world. The pandemic brought the world into exceptionally difficult and largely uncharted waters. In no time, the whole world came to a standstill with lockdowns, global recession,...

The Central Bank of Nigeria (CBN) has published an updated list of International Money Transfer Operators (IMTOs) approved for Diaspora Remittances in the country as at April 1, totalling 57. The News Agency of Nigeria (NAN) reports that the updated list was published by the apex bank via its official...

The Central Bank of Nigeria (CBN) said it has received orders from the Federal High Court, Abuja, to freeze 194 bank accounts owned by Bureaux de Change firms and other organisations to conduct investigations into suspicious activities. The apex bank disclosed this through the three court orders it published on...

  As the Central Bank of Nigeria (CBN) launched NQR payment solution on Monday, the apex bank has directed Deposit Money Banks (DMBs) to commence the adoption of the contactless payment service option in the country. With the new initiative, instant value is generated by simply scanning generated digital code...

    The Central Bank of Nigeria (CBN) has announced a new “CBN Naira for Dollar Scheme” for senders and recipients of International money transfers. The apex bank in a statement released by its Director, Trade and Exchange Department, A.S Jibrin, said it will through commercial banks pay to remittance...

  The Central Bank of Nigeria (CBN) has again warned International Money transfer operators (IMTOs) and unlicensed companies to stop facilitating diaspora remittances into the country in Naira. The apex bank, in a statement released on Friday signed by Dr Ozoemena Nnaji, its director of Trade & Exchange of CBN,...